Following the repatriation, Austria will have at least half of its gold located on its own territory, with gold held at Threadneedle Street tumbling from 80% of total to just 30%, with the remaining 20% will be held in Switzerland. According to Krone, the 110 repatriated tons will be "transferred back" in small tranches over the coming months.

If there's one thing that's going to transform the gold price, it's Asian buying. It's about sheer weight of numbers. There are just so many people in Asia, and they love gold. It's in their culture. And as they get richer, they're going to spend a large proportion of their new-found wealth on it.

Gold has been fairly volatile so far this year, seeing plenty of big daily surges and selloffs. But with all these largely netting out to the sideways grind of recent months, gold's price action has been frustrating for bullish and bearish traders alike.

Egon von Greyerz, the man who has become legendary for his predictions on QE, historic moves in currencies, and major global events spoke with King World News about why the risk of a total meltdown is increasing exponentially. He also addressed the all-important question: How much gold do China and the West really possess?

In the Western gold community, there seems to be a fairly widely held view that gold prices can't rise much higher, unless confidence in central banking is lost. I beg to differ. Investors who bet against central banks generally don't fare very well.

Federal Reserve Chair Janet Yellen said she still expects to raise interest rates this year if the economy meets her forecasts, with a gradual pace of tightening to follow. While the labor market is nearing full strength, "we are not there yet".

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